FedEx to Move Asian Hub
FedEx said it will close its Asian hub in the Philippines and replace it with a new $150 million facility in Guangzhou, China.
The new cargo-handling center at Guangzhou's Baiyun International Airport, scheduled to open in December 2008, will better serve clients doing business in China, the company said.
United Parcel Service said last week that it will open an air-cargo hub in Shanghai as part of efforts to launch a domestic Chinese express-delivery service this year. FedEx said it has no such plans.
Regulator Plans to Relax Rules
The Financial Services Authority said it planned to reduce regulation, to make compliance easier for companies and brokerages and to cut costs. The FSA is also proposing to change rules on training so they no longer apply to advisers who deal with wholesale or institutional clients.
LSE Isn't for Sale, Chairman Says
London Stock Exchange Chairman Christopher S. Gibson-Smith said the exchange is not for sale. The LSE has been approached by German stock exchange operator Deutsche Boerse and Euronext, which unites the stock exchanges in Amsterdam, Brussels, Lisbon and Paris.
Both bids are before Britain's Competition Commission, which has expressed concern about whether a deal would reduce competition in equities trading in Europe. The commission will report in September.
Report Cites Abuses at Gap Factories
A report identified hundreds of overseas factories making clothes for Gap, Old Navy and Banana Republic that engaged in unsavory labor practices, including excessive overtime, paltry wages and fining of workers who wanted to quit their jobs. The Gap Inc. report summarized the findings of 92 inspectors who examined most of the 2,672 factories approved to manufacture clothes for Gap last year.
Compiled from staff and news service reports.
$150 million deal.